The International Cocoa Trade

The International Cocoa Trade

The International Cocoa Trade

The International Cocoa Trade

Synopsis

The first comprehensive guide of its kind, The International Cocoa Trade provides an in-depth overview of one the most heavily traded and lucrative commodities on the market, with complete details on: the history and origins of cocoa; agronomics and production; consumption and stocks; physical and terminal markets; trade and contract rules; quality assessment of beans; cocoa bean processing; and the manufacture of chocolate. Contains numerous charts, graphs, and tables, and supported by a complete appendix that covers such vital cocoa contracts as AFCC, CAL, and CMAA.

Excerpt

Over the past few years the cocoa market has had to alter its manner of operation. Continued low prices, fewer companies trading and both the perceived and real element of del credere risks have brought about the change. Gone are the days when the trader could dodge in and out of deals with a commodity that just so happened to be cocoa. Nowadays the 'CIF-artists' have largely disappeared and those that remain have had to revert to the fundamentals of their business — knowing the needs of their clients and, above all, knowing the commodity. While citing the trader here the same is true of others directly involved in cocoa, the exporter and, final user of the beans, the factory. In the past exporters could rely on dealers sorting out some of their problems for them, likewise the factories off-loaded much of the risk of delivery on to the dealer. Current trading conditions make this more difficult. Therefore all those in the chain of trade, from the exporter, dealer, broker through to the factory not only have to improve their understanding of the market but also some of the difficulties faced by others in the commodity. It is hoped that this book will help all involved in the international trade of cocoa to achieve this.

The requirement of understanding the cocoa trade is not limited to those in the string of buyers and sellers. There are others outside this chain that now have larger roles in cocoa than in the past, in particular the . . .

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